A ride in the park was absolutely stupid.
The rest was mediocre.
To quickly break down each segment:
Tape 49 (the wraparound) - arguably the weakest portion of the film as it doesn't make a whole lot of sense although its lingering sense of paranoia works in its favor.
Phase I Clinical Trials: A solid ghost story with a sly sense of humor.
A Ride in the Park: More lighthearted than the other segments but with a helping of heavy gore. Great effects, a good sense of humor, and a fast pace make this work.
Safe Haven: My personal favorite (as I have a real life fear of cults) and arguably the best segment. The excellent effects, strong feelings of dread, and genuinely disturbing imagery makes this a cut above the rest.
Slumber Party Alien Abduction: Some poor acting and annoying shaky cam detract from the overall quality. However, the heart-pounding chase scenes and relentless ruthlessness help give it a pass.
Overall, despite its flaws, VHS 2 is a great horror anthology movie that can be played alongside George Romero's original Creepshow.